2007-03-11 09:23:33 · 4 answers · asked by cheryl h 1 in Business & Finance ➔ Taxes ➔ Canada
Hello,
Length of ownership is not a part of the principal residence definition. If the home you sold was your principal residence for each year that you owned it, then it is eligible for the exemption. If you owned more then one property during the time period then you need to designate one of the properties as your principal residence.
See the below link for more details.
2007-03-11 12:47:20 · answer #1 · answered by Anonymous · 1⤊ 0⤋
First of all capital gains tax is a benefit if something is taxable. It is much lower than tax on regular income.
But, in order for a gain on a personal residence to be non-taxable you must live in the house for 2 of the previous 5 years. If not only the gain on the sale is taxable, and it is a capital gain if you owned the house for at least 1 year.
2007-03-11 10:15:23 · answer #2 · answered by irongrama 6 · 0⤊ 2⤋
there is no capital gains tax on your personal residency
2007-03-12 14:30:51 · answer #3 · answered by Gentleman 7 · 0⤊ 0⤋
at least one day
2007-03-11 14:20:50 · answer #4 · answered by Anonymous · 1⤊ 0⤋